Question 16 Chapter 2 of +2-B – USHA Publication 12 Class

Question 16 Chapter 2 of +2-B

Question 16 Chapter 2 of +2-B

Comparative Statement of Profit & Loss

16. From the following information prepare a comparative Statement of Profit and Loss :

Particular 31st March 2016 31st March 2015
Revenue from Operation (% of Other Income) 200% 200%
Other Income 1,50,000 2,00,000
Cost of Material Consumed (% of operating Revenue) 60% 50%
Expenses (% of Material Cost) 20% 20%
Tax Rate 30% 30%

 

The solution of Question 16 Chapter 2 of +2-B: – 

 

Comparative Balance Sheet of Sun Ltd.
Particulars
Note no. 31st March,
2015
(A)
(3)
31st March,
2016
(B)
(4)
Absolute
Change

(Increase
/Decrease)

(C=B-A)
(5)
Percentage C
hange

(Increase
/Decrease)

(D=C/A x 100)
(6)
Revenue from Operation (WN 1)   4,00,000 3,00,000 (1,00,000) (25.00%)
Other Incomes   2,00,000 1,50,000 (50,000) (25.00%)
Total    6,00,000 4,50,000 (1,50,000) (25.00%)
Less: Cost of Material Consumed (2)   2,00,000 1,80,000 (20,000) 10.00%
Employee benefit Expenses (3)   20,000 36,000 16,000 80.00%
Total   2,20,000 2,16,000 (4,000) 1.81%
Profit Before Tax   3,80,000 2,34,000 (46,000) 12.1%
Less: Tax (4)   1,14,000 70,200 (43,800) 38.42%
Profit After Tax   2,66,000 1,63,800 1,02,200 38.42%


Working Note:


Revenue from Operations for year ended 31st March 2016

200% of Other Income ₹ 1,50,000 x 200
100
  = ₹3,00,000    

Cost of Material Consumed for year ended 31st March 2015

200% of Other Income ₹ 2,00,000 x 200
100
  = ₹4,00,000    

Working Note 2:

Cost of Material Consumed for year ended 31st March 2016

60% of Revenue from Operations ₹ 3,00,000 x 60
100
  = ₹1,80,000    

Cost of Material Consumed for year ended 31st March 2015

50% of Revenue from Operations ₹ 4,00,000 x 50
100
  = ₹2,00,000    

Working Note 3:

Expenses for year ended 31st March 2016

20% of Other Income ₹ 1,80,000 x 20
100
  = ₹36,000    

Expenses for year ended 31st March 2015

10% of Other Income ₹ 2,00,000 x 10
100
  = ₹20,000    

Working Note 4:

Tax for year ended 31st March 2015

30% of Profit ₹ 3,80,000 x 30
100
  = ₹1,14,000    

Tax for year ended 31st March 2016

30% of Profit ₹ 2,34,000 x 30
100
  = ₹70,200    


To understand more about Balance Sheet please check out following links:

Balance Sheet: Meaning, Format & Examples

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Also, Check out the solved question of previous Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Chapter No. 1 – Accounting Not for Profit Organisations

Chapter No. 2 – Partnership Accounts – I

Chapter No. 3 – Partnership Accounts – II (Introduction)

Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)

Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)

Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)

Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)

Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)

Chapter No. 2 – Techniques of Financial Statement Analysis

Chapter No. 3 – Ratio Analysis 

Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 3 min 225x300 - Question 16 Chapter 2 of +2-B  - USHA Publication  12 Class
T.S. Grewal’s Analysis of Financial Statements

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